I have a DAC-AH and previously owned an EMU0404 USB. The EMU is a tremendous value for the money, although I think a modded DAC-AH is the superior source.
On paper, the EMU should be vastly superior to the DAC-AH, which uses what Phillips calls "Economy" TDA1543 DACs paralleled to reduce error. The EMU uses the "Miracle DAC" 4th generation AKM4396 chip that is signficantly less sensitive to jitter than previous generations.
In practice, the DAC-AH sounds better to me, especially with anything vocal. It captures a sense of depth and separation, and the top end is liquid smooth and natural. Although the NOS DAC-AH has high frequency roll-off compared to the EMU, the highs actually seem more present and alive on the DAC-AH. If I listened to the 2 DACs blindly, I would guess that the DAC-AH has more high freq extension than the EMU, even though measurements show this is clearly not the case.
Vocals on the EMU sound like they are sung through a Mic, while vocals on the DAC-AH sound like the singer is standing in the room with you singing without amplification.
The DAC-AH definitely leans toward the warm side of things, while the EMU sounds neutral to my ears.
It should be noted that my experiences are based on a modded DAC-AH that has the voltage regulators changed to 8V, and the opamps bypassed with oil-in-paper caps.